Monday's Market Minute: A Few Things to Keep an Eye On

Looks like another busy week on Wall Street; let’s take a minute to get ahead of what you should be watching. 

First, we begin the week with the British pound hitting a new record low against the U.S. dollar. U.K. lawmakers offered up a massive tax cut, which has the market pricing in 175bps rate increase from the Bank of England by November. This is further adding to investors’ concerns and unease about a global recession and it’s sparking speculation that the BOE may need to possibly take measures before their next policy meeting to slow the decline. The move lower in the pound has widespread impact across markets as it further adds to recent U.S. dollar strength.

This week, we have some economic data to watch: today, we start things off with numbers from the Chicago Fed and the Dallas Fed. Tuesday, we have Durable Goods Orders and some housing figures. Wednesday, Pending Home Sales will be out, and Thursday and Friday keep an eye on GDP, the Core PCE data, Personal Income and Spending, and the Michigan Sentiment readings.

In terms of companies reporting quarterly results, we have Jabil (JBL), Blackberry (BB), Cintas (CTAS), Paychex (PAYX), Bed Bath and Beyond (BBBY), Rite Aid (RAD), CarMax (KMX), Micron (MU), and Nike (NKE) to provide further insight on consumer spending habits and trends.

Lastly, we begin the week with gold at a two-year low, and the continued run-up in rates will be on the minds of traders as well. Last week, the ten year (TNX) went out just shy of 3.7% and it’s higher into the start of the week at 3.76% -- it got close to 3.8% overnight.

So, lots to stay dialed in on! Make it a great week!

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